ERC-721 is a non-fungible token (NFT) standard on the Ethereum blockchain used to create and implement NFTs in the Ethereum ecosystem.
ERC-721 is a proposal put forward in January 2018 by William Entriken, Dieter Shirley, Jacob Evans, and Nastassia Sachs as a standard for creating non-fungible tokens on Ethereum.
NFT tokens created with ERC-721 have unique properties and are not interchangeable with each other, unlike cryptocurrencies such as Bitcoin and Ethereum and other fungible crypto tokens. Each NFT has a unique identity and metadata within an ERC-721 contract that lays out specific characteristics that differentiate it from other NFT tokens.
Some features of the ERC-721 standard:
- Each token has a unique ID.
- Additional metadata can be stored in tokens.
- Track current token owners and holders.
- Compatibility between NFT platforms
Examples of ERC-721 usage in a sentence:
“CryptoPunks are made based on ERC-721 standards so that each punk created is unique and cannot be replaced.”
“Rara’s cute cat NFT was created with an ERC-721 smart contract on Ethereum with a unique token ID and additional data in the form of Rara’s unique cat characteristics.”
“OpenSea’s NFT marketplace supports the sale of digital items such as works of art and collectibles, whose ownership and authentication are regulated using the ERC-721 non-fungible token standard.”
Apart from the ERC-721 terms that have been explained here, there are many other crypto terms that you can learn more about. You can find information about these terms in the most complete crypto dictionary from Indodax Academy.
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